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Manhattan Market Reports

Manhattan Office Market

Average Asking Rent (Price/SF) $79.25
Availability Rate (%) 11.8%
Net Absorption (SF) -219,434

Average asking rents in Manhattan closed the third quarter at $79.25/SF, a new record for the market overall. The quarter-over-quarter jump of $2.30/SF can be explained by the additions of several new construction projects. One Vanderbilt in Grand Central, the Farley Post Office at 390 Ninth Avenue in Penn Station and Essex Crossing in the East Village were some of the most notable developments. Each of the three major markets saw gains in asking rents, with Midtown and Midtown South both seeing cyclical highs for rents. Midtown South showed the most improvement, an increase of $4.83/SF from the second quarter.

 



Manhattan Quarterly Office Report
3Q19
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Manhattan Monthly Market Report
November 2019
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